A fairly old book published in 1999, it has garnered good success going by its reprints every year.
The Foreword by Sir Rocco Forte (a British hotelier) , says it so well:
“Though entrepreneurs are by nature activists, taking time to read and reflect on this book would greatly increase their chance of success and reduce the possibility of failure.”
This book gives a basic introduction to Entrepreneurship which would be a good start for first year students. It includes the concepts, principles and the environment associated with entrepreneurship. Here examples from the Hospitality, Tourism and Leisure industries are interwoven in the pages. Most of the examples are however from United Kingdom which may faze some students who are unfamiliar with names such as Macdonald Hotels and Mahammed Aslam, a bus driver turned Managing Director of the Aagrah group of Restaurants. Hopefully this would inspire students to read more about them!
The chapter on Corporate Entrepreneurship really interest me as often Singaporeans are fairly inclined to working for a big company. Such corporations often have departments known as “Business Development” where intrapreneurs often go beyond their expected responsibilities to “successfully face the challenge of developing projects through from the initial perception of opportunity to feasibility, planning, piloting and launch” – page 60.
In the nuts and bolts of entrepreneurship, a good 100-plus pages covered the topics of Finance, Business Planning and Operations Management including SWOT analysis and Scenario Planning. I must say that after reading these chapters, I have a deeper respect for those who start a business and have followed through their dreams.
What I liked about this book?
Filled with relevant illustrations.
What I had learnt ?
For an on-going business, financial control with environmental scanning and gathering critical information are important because “all the good ideas in the world are not sufficient if the sums do not add up at the end of the day.” – p 133.
It is sobering to read that “Undercapitalisation” and “Poor Operations Management” are the two key reasons for business failures in the catering, hotel and leisure industry. – page 150.
But one encouraging note I left after reading this book was an overall understanding that we all can be entrepreneurs and intrapreneurs, by being always a dreamer of new ideas and following through a service/product that we believe in so that others can subscribe/buy into what we are offering.
Where to find the book?
Call Number: HB 615 MOR
Written by Florence Okiror